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Consumer price adjustment under the microscope: Germany in a period of low inflation

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  • Hoffmann, Johannes
  • Kurz-Kim, Jeong-Ryeol

Abstract

We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price data from the German Consumer Price Index that covers the years 1998 to 2003. We strong find evidence of time- and statedependent price adjustment. Most importantly, the differences in “unconditional” sectoral price flexibility are found to be linked to input price volatility. JEL Classification: E31, D43, L11

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 0652.

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Date of creation: Jul 2006
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Handle: RePEc:ecb:ecbwps:20060652

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Keywords: consumer price index; Germany; price flexibility; price rigidity;

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  1. Lin, Ping & Saggi, Kamal, 2005. "Multinational firms, exclusivity, and the degree of backward linkages," Discussion Paper Series 1: Economic Studies 2005,10, Deutsche Bundesbank, Research Centre.
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  6. Dhyne, Emmanuel & Álvarez, Luis J. & Le Bihan, Hervé & Veronese, Giovanni & Dias, Daniel & Hoffmann, Johannes & Jonker, Nicole & Lünnemann, Patrick & Rumler, Fabio & Vilmunen, Jouko, 2005. "Price setting in the euro area: some stylized facts from individual consumer price data," Working Paper Series 0524, European Central Bank.
  7. Álvarez, Luis J. & Hernando, Ignacio, 2004. "Price setting behaviour in Spain: stylised facts using consumer price micro data," Working Paper Series 0416, European Central Bank.
  8. Veronese, Giovanni & Fabiani, Silvia & Gattulli, Angela & Sabbatini, Roberto, 2005. "Consumer price behaviour in Italy: evidence from micro CPI data," Working Paper Series 0449, European Central Bank.
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